With concerns on inflation flaring up, there has been renewed interest in potentially including commodities in diversified portfolios. This article builds off prior research in examining which commodities to include and in what size. The article briefly reviews the relevant literature and...

This paper provides a reasonably comprehensive tour of the always dynamic and frequently opaque commodity markets, including views on (1) commodity trading strategies, (2) common mistakes, and (3) two famous debacles. The specific types of commodity trading strategies that are included are...

This paper discusses inferring crude-oil-market fundamentals through price-relationship data, largely through the perspective of a commodity futures trader. In doing so, the paper briefly covers (1) the promise of big data; (2) the reality of data “black holes”; (3) the wealth of futures...

Gaining expertise in the commodity markets usually occurs through trial-and-error experiences, some of which can be quite painful. This article describes two frequent mistakes: (1) the use of inappropriate sizing and (2) a misunderstanding of the psychological discipline required for futures trading

This article discusses how fund managers can choose amongst wheat futures contracts at the CME Group if they are interested in expressing bullish economic and inflationary views through positions in the agricultural futures complex

A number of empirical studies, mainly from academic researchers, have been crucial in the debate on the economic role of futures trading. This article briefly reviews these influential studies with a focus on agricultural futures contracts, financial futures contracts. and the transparency of data

This article covers examples of successful futures contracts that responded to new large-scale commercial risks over the past 170 years. The article explains the new commercial circumstances that ushered in the intense need for hedging instruments, spanning the grain, financial, crude oil, and...

This paper provides a case study on the Amaranth hedge fund debacle. The article describes the fund's strategies and documents the riskiness of the fund's positioning based on a U.S. Senate investigation. The paper concludes with the debacle's legal and regulatory aftermath

Should an investor enter into long-term positions in oil futures contracts? In answering this question, this paper will cover the following three considerations: (1) the case for structural positions in crude oil futures contracts; (2) useful indicators for avoiding crash risk; and (3) financial...

This survey paper discusses the (potential) structural sources of return for both CTAs and commodity indices based on a review of empirical research from both academics and practitioners. The paper specifically covers (a) the long-term return sources for both managed futures programs and for...